Former Invesco Perpetual chief executive Mike Webb is making a comeback after a two-year break from the industry to join Hermes Pension Management.Webb, who headed distribution at Invesco after stints with GT and Prolific, returns in a similar role at Hermes. Hargreaves Lansdown head of research Mark Dampier says: “Mike Webb knows the retail market really well and has huge experience. It will be retail’s loss and institutional’s gain.” Industry veteran Patrick Cooper is leaving JO Hambro Investment Management to help set up Harrington Cooper while Thames River Capital founder and managing director Jonathan Hughes Morgan is stepping down from his role. Cooper, who has previously headed Deutsche Asset Management and Axa, will focus on the sale and distribution of specialist funds to the discretionary market in the UK and Europe. Hughes Morgan will continue in a consultancy role at Thames River.
International stock markets have shrugged off news of North Korea’s successful nuclear test despite local markets falling on hearing the news.All Asian markets fell with the exception of Japan and Taiwan which were closed for public holidays, with the Korean market suffering the biggest falls.It fell by 2.4 per cent having been down 3.6 per […]
All three Adviser Fund Indices are underweight in UK equities compared with the corresponding Apcims portfolios. At the last rebalancing point in May, the Aggressive and Balanced AFIs had allocations of 45 per cent in domestic shares, with the Cautious AFI on 35 per cent. This compares with weightings of 55, 50 and 47.5 per […]
The Bank of England last week held interest rates at 4.75 per cent for the second month in a row. It follows the decision in August to raise the base rate by 0.25 per cent from 4.5 per cent, which had stood for a year.
Tenet chairman Barry Kayes is leaving the firm, saying he would rather go out on a high than “do a Tony Blair” and outstay his welcome. He has been chairman since 2000 when the Tenet Group was formed from the 17m management buyout of M&E and Interdependence. Kayes, who is expected to seek another position […]
President-elect Trump has suggested withdrawing from the North American Free Trade Agreement (NAFTA) and ending negotiations over the Trans-Pacific Partnership (TPP), albeit there is considerable uncertainty over what he will, or even can, do. If one of the main consequences of the election of Donald Trump is US protectionism, it’s worth considering who stands to […]
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The Financial Ombudsman Service has told Kingswood Financial Advisors to compensate a client over a Sipp investment in an unregulated Harlequin property fund. The case concerns Mr B’s complaints about the advice he received regarding two unregulated investments: one into a Harlequin property fund and the other into Green Oil. The ombudsman’s ruling relates to […]
Phoenix Group, Alliance Trust Savings, Zurich, and Old Mutual Wealth are amongst the most complained providers in the latest FCA complaints data. A total of 3.76m complaints were received by the FCA during the second half of 2017, up 13 per cent on the first half of the year. Alliance Trust Savings is the most […]
The FCA is reviewing the market for preference shares following the furore over Aviva’s recent decision to cancel its high-yielding preference shares at par value. FCA chief executive Andrew Bailey says in a Dear CEO letter that the regulator is reviewing the prevailing market for certain fixed income shares, particularly those classed as perpetual, irredeemable […]